LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global hammocks market to grow at a CAGR of over 17% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global hammocks market for 2017-2021. Based on hammock material, the global hammock market can be classified into three material segments that include rope, nylon, canvas, and others.
Globally, the hammocks market is at its growing stage, with numerous people using hammocks during camping trips and vacations. Hammocks are widely being used by millennials and teenagers for use in their homes and even at universities. Many millennials and teenagers have formed hammock clubs where they plan weekly or monthly outings to influence more people to adopt hammocks. Several consumers are purchasing colorful hammocks as a home decor.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global hammocks market:
- Increasing participation in outdoor recreational activities
- Product innovation in terms of utility and raw material
- Growing popularity of hammocks among campers and outdoor enthusiasts
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Increasing participation in outdoor recreational activities
With the increase in fast-paced and hectic lifestyles, growing health consciousness, and need to engage in physical exercises, consumers, especially in regions such as Europe and North America, are opting for various ways to de-stress. Hence, they are willing to take up outdoor fun and adventurous activities, thereby pushing the demand for leisure activities and outdoor sports. A global increase in disposable income has also raised expenditure on recreational activities.
Narendra Nandaigari, a lead outdoor gear research analyst at Technavio, says, “The global increase in urbanization is another factor, which has led to overcrowded cities, fast-paced lifestyles, and polluted environments. These aspects of an urbane life have made people more inclined to spend some time amid nature. All these factors have helped adventure tourism gain momentum globally, thereby directly increasing the sales of the hammocks market.”
Product innovation in terms of utility and raw material
Advances in technology have empowered vendors to introduce multipurpose and high utility hammocks. To remain competitive in the market, vendors are coming up with new designs and utility-driven products. The concept of multipurpose hammocks has gained popularity over the recent years. This is primarily due to increased interest in holidays, outdoor activities, and reduced residential spaces.
“Most camping hammocks can hold a weight of 300 to 400 lbs and weigh about one lb. In 2015, Eagles Nest Outfitters launched Sub7, an ultralight hammock weighing about 6.5 ounces. Sub7 is easy to set up and comes complete with aluminum wires that enable it to hold up to 300 lbs. Furthermore, vendors like Eagles Nest Outfitters are offering products that incorporate bug nets with hammocks,” adds Narendra.
Growing popularity of hammocks among campers and outdoor enthusiasts
The demand for hammocks is growing among campers and outdoor enthusiasts due to their ease of use and installation. Hammocks are lightweight and can be carried on backpacking or hiking trips. Over the recent years, outdoor enthusiasts have shown high demand for hammocks over camping tents. While camping tents require large and flat areas to set up, hammock camping can be done just about anywhere that has trees to tie them up.
These products are helpful for consumers who have an inclination of participating in outdoor activities and going on holidays frequently. They are easy to wrap and launch, allowing consumers to pack them into compressed flat packages and move them around easily. Over the recent years, the adventure tourism market has grown at a promising pace.
Top vendors:
- Ban Mai
- Dalian Eaglesight
- Danlong Hammocks
- Inca Hammocks
- Lucky Johnny Hammock
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